On April 21, 2025, Paul Atkins, President Trump’s nominee, was officially sworn in as the 34th Chair of the Securities and Exchange Commission. Atkins, who previously served as an SEC Commissioner from 2002 to 2008 during the George W. Bush administration, brings extensive prior SEC experience to his new post. In many ways that are already in evidence at the SEC in the early days of the Trump administration, the new leadership is likely to result in many significant changes in direction at the agency.Continue Reading Paul Atkins Chair Sworn In as SEC Chair

Readers of this blog know well that the current administration has been issuing a significant number and wide variety of memos and orders, including a March 22, 2025 memo pertaining to alleged law firm misconduct and Executive Orders focused on specific law firms. The law firm memo and the Executive Orders potentially represent a significant concern for affected firms. The following guest post – written by E. Theresa Panensky, West Region Leader, Claims Advocate of the Claims & Legal Group – WTW FINEX; Scott M. Lupiani, Partner, Litigation, Pierson Ferdinand, LLP; and Larry Fine, Management Liability Coverage Leader, WTW FINEX – examines the law firm-related memorandum and orders and considers the insurance implications for affected firms. A version of this article previously was published as a WTW client alert. I would like to thank the authors for allowing me to publish their article as a guest post on this site. I welcome guest post submissions from responsible authors on topics of interest to this site’s readers. Please contact me directly if you would like to submit a guest post. Here is the authors’ article.Continue Reading Guest Post: Insurance Issues Related to Executive Orders

In a move that the Wall Street Journal described as having the effect of “bringing down the curtain on U.S. support for the turbocharged globalization that powered the world economy for decades,” on April 2, 2025, President Trump announced the imposition of massive new tariff duties on what the Journal described as “trillions of dollars in imports.” The U.S.’s imposition of these tariffs has huge implications for international trade; the U.S. economy; the economies of other countries around the world; and the fortunes and prospects of individual companies seeking to operate in an increasingly fraught global economy. These developments also have significant implications for the potential liabilities of companies and their directors and officers, as discussed below.Continue Reading Massive New U.S. Tariffs:  What Are the Potential D&O Liability Implications?

It was no secret that the crypto enforcement approach was going to change under the Trump administration. Indeed, one of Trump’s first acts upon returning to the White House in January was to sign an executive order calculated to try to make the U.S. the “crypto capital of the world.” The SEC has likewise made it clear that under the new administration the agency will also be taking a new approach to crypto. The acting SEC leadership has already made a number of crypto-friendly moves – among other things,  the new leadership disbanded the agency’s Crypto Enforcement Task Force. The SEC has also dismissed pending cases against Binance (here) and Coinbase (here). As discussed below, the agency recently has taken even further crypto friendly actions – all of which has at least one observer to ask whether the SEC crypto pull back has gone too far?Continue Reading Sounding the Alarm on the SEC’s New Crypto Approach

In what seems is likely to be the last cybersecurity-related enforcement action by the SEC under outgoing chair Gary Gensler, the agency has brought a settled enforcement action against asset management firm Ashford, Inc., alleging that the company made misrepresentations in its periodic reporting documents about a cybersecurity-related incident at the firm. As discussed below, the action raises questions about what may come next as far as SEC cybersecurity-related enforcement under the new administration. A copy of the SEC’s January 13, 2025, complaint in the enforcement action can be found here. The SEC’s January 13, 2025, press release about the action can be found here.Continue Reading SEC Files Cyber Disclosure Enforcement Action Against Asset Manager

The directors’ and officers’ liability environment is always changing, but 2024 was a particularly eventful year, with important consequences for the D&O insurance marketplace. The past year’s many developments also have significant implications for what may lie ahead in 2025 – and possibly for years to come.  I have set out below the Top Ten D&O Stories of 2024, with a focus on future implications. Please note that on Wednesday, January 15, 2025 at 11:00 AM EST, my colleagues Marissa Streckfus, Chris Bertola, and I will be conducting a free, hour-long webinar in which we will discuss The Top Ten D&O Stories of 2024. Registration for the webinar can be found here. I hope you can join us for the webinar.Continue Reading The Top Ten D&O Stories of 2024

As I noted last week, President-Elect Donald Trump has indicated his intent to name former SEC Commissioner Paul Atkins as SEC Chair in the upcoming new administration. Atkins’s appointment, as I noted in last week’s post, could mean significant changes to the agency’s regulatory approach and enforcement priorities. Observers and commentators have continued to weigh in on the potential implications of Atkins’s appointment, and, as discussed below, academic commentators have tried to emphasize the importance of monitoring the agency closely under the new administration to ensure that it continues to be able to fulfill its traditional mission.Continue Reading More About the SEC Under the Incoming Presidential Administration

As D&O insurance professionals try to assess the potential impact on the industry from Donald Trump’s return to the White House next month, one area of focus has been on the Trump’s appointment powers. This includes, obviously, the President’s authority to appoint judges to the federal judiciary, but in addition involves his power to make appointments to the Presidential cabinet and to the federal agencies. As Trump’s appointments have unfolded over the last few weeks, none looms larger (for now at least) for the D&O arena than the announcement last Wednesday that Trump will nominate former SEC Commissioner Paul Atkins as SEC Chair. This appointment, if confirmed, could result in a significant change of direction at the SEC, which in turn could have important implications for the world of D&O.Continue Reading Trump Selects “Anti-Gensler” for SEC Chair

white houseA recurring question – one that I am getting now on just about a daily basis – arises from concerns about the Trump administration’s possible impact on the world of directors’ and officers’ liability. Implicit in the question is the assumption that the new administration’s policies and actions will indeed affect D&O claims. While I agree with this assumption – that the new administration’s actions will have an impact–at this point it is still far too early to tell what that impact might be. For now, I think all we can do is watch some key indicators. In this blog post, I review what I think are the key indicators, and what the indicators may tell us about what lies ahead for D&O claims.
Continue Reading How Will the Trump Administration Affect D&O Claims?